The deal represents the first outside investment for the e-commerce company since it was founded in 2003. It said Sequoia will take a minority stake in the business, but did not specify the size of the investment. (The Logic)

Talking point: Ssense, an online retailer for designer streetwear and high-end fashion, will use the investment to drive its expansion around the world, particularly in China, which is on track to become the world’s biggest market for luxury goods by 2025. As part of the deal, Angelica Cheung, a venture partner at Sequoia Capital China, will join Ssense’s board. The company’s $5-billion valuation places it well above similar companies such as The RealReal, valued at roughly US$1.6 billion, and nearly puts it on par with traditional retailers like Macy’s and Nordstrom. The company says its annual growth is in the high double digits, and has been profitable since it launched. “Ssense has emerged as one of the leading online fashion platforms connecting brands with Millennials and Gen Z consumers around the world,” said Neil Shen, Sequoia Capital China’s founding and managing partner, in a statement.